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Tata Steel spent the week fluctuating in a narrow band between Rs 680 and Rs 705. Since this move comes after the rally in the previous week, the near term outlook stays positive. This sideways move seems to be the fourth wave of the move that commenced at Rs 533. The next leg of this move can take the stock to Rs 723 or Rs 747. Traders can go long in the stock with a stop at Rs 670.

Investors need to be wary till the stock closes firmly above its previous peak at Rs 731. The stock can find support at Rs 642 or Rs 604 in the medium term. Investors can hold the stock with a stop at Rs 600.

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